Starcom results 'stable' despite pandemic challenges

Wireless internet-of-things (IoT) technology company Starcom reported a 3% fall in revenues in its first half on Friday, to $2.27m.

The AIM-traded firm said recurring software-as-a-service (SaaS) revenues, however, were 3% higher year-on-year for the six months ended 30 June, to $1.1m.

It reported an adjusted EBITDA loss of $0.17m, in line with the first half loss it made in 2020, while its gross margin improved to 40% from 33%.

General expenses were reduced by 5% to $1.4m.

The company recorded a statutory loss for the period of $0.53m, narrowing from $0.72m a year ago, while the board said Starcom had a “strong” pipeline of potential new orders over the next few months.

“I am delighted that despite the continuous challenges Starcom faced due to the Covid-19 pandemic we managed to show stable results with increased opportunities in the future,” said chief executive officer Avi Hartmann.

“We now have several sales prospects we hope to convert when conditions permit, and I am confident that Starcom technology will continue to create value in this and following years.”

At 1240 BST, shares in Starcom were up 12% at 0.84p.